Electronic Contracts
What is an Electronic Contracts?
An electronic contract (e-contract) is a contract created using electronic means, comprising offer, acceptance, and consideration. These components form the basis of all contracts, from clicking “I agree” on app terms to using e-signatures for house purchases. E-contracts, though less formal, are legally binding when properly administered.
Are electronic contracts legally binding?
An electronic contract (e-contract) is any contract conducted through electronic means, like electronic data interchange. The Information Technology Act, 2000 (IT Act), deems e-contracts as legally equivalent to written contracts, fostering trust among parties. Indian contract law permits contract execution via electronic mediums, provided all legal requirements under the Contract Act are met.
Electronic contracts: Versatile across industries
Human resources
- Employee offer letters
- New hire documents
- Updates to employee policies
Financial services
- Account opening
- Loan applications
- Identity verification
Real estate
- Purchase contracts
- Trust deeds
- Assignment agreements
What are the advantages of e-contracts?
Trusted
Electronic contracts are legally recognized, trusted, and enforceable globally. TRUESigner ONE stands out as an exceptional worldwide solution for Electronic Signature.
Cost-effective
Using Electronic Signature helps you both save money and streamline business workflows. With TRUESigner ONE, you can reduce the amount of paper used, contributing to overall cost savings.
Save time
The complete signing process is executed digitally, offering a significant time-saving advantage. Utilizing Electronic Signature Online ensures that the signing process is concluded in under 10 minutes, a stark contrast to the days or even weeks it may take with traditional paper-based methods.
Authenticity
Electronic Signature guarantee active participation by securely storing private keys and sharing public keys with recipients. Solutions such as TRUESigner ONE enhance authenticity by storing private keys within a secure hardware security module.
Over 2000+ companies vouch for Truecopy’s solutions for secure electronic signatures.
Seamlessly navigate your electronic contracts with TRUESigner ONE.